A Complete Guide on Hybrid Blockchain

Blockchain is a shared and immutable ledger system that simplifies the process of recording transactions and tracking assets in a business network. This economic system allows the registration and tracking of various assets such as houses, cars, money, intellectual property, patents, copyrights, trademarks and other assets without the need for other intermediaries. This technology helps to reduce the risk and costs of participants in the business process.

hybrid blockchain: Advantages and applications of Hybrid Blockchain

Types of blockchain: 1. Public Blockchain: Allows those who have access to it without requiring permission. These blockchains are based on distributed ledger technology and distribute information in a peer-to-peer network. Bitcoin, Ethereum and Litecoin are this type of blockchain.

2. Private blockchains: As centralized platforms, they are governed by a central authority and do not allow unauthorized users to access them.
3. Consortium blockchains are managed by a group of organizations and are more decentralized than private blockchains.
4. Hybrid Blockchain: Combining the best aspects of public and private blockchains. This blockchain allows organizations to create a private permissioned system alongside the public system.

Hybrid blockchain network

A hybrid blockchain network is a hybrid platform that combines the benefits of public and private blockchains. This network provides controlled access and freedom at the same time, while maintaining the transparency, integrity and security of communication with the outside world.

Advantages of hybrid blockchain

1. Working in a closed ecosystem: This network provides the possibility of working in a closed ecosystem, so that the worry of information leakage is reduced. 2. Changing rules: Hybrid blockchain allows companies to adapt to new rules. 3. High protection: 51% resistant to attacks and protects privacy. 4. Communication with the outside world: Enables privacy in communication with the outside world. 5. Cost of transactions: the cost-effectiveness of transactions due to confirmation by a small number of nodes.

Hybrid blockchain and consortium, difference and application

Considering that consortium and hybrid blockchain networks are a combination of public and private blockchains, the two may be mistakenly considered the same. However, these blockchains differ from each other in two ways:

1. In a hybrid blockchain, there is both public access and limited access, while in a consortium blockchain, only designated participants have full access. 2. A hybrid blockchain is relatively decentralized, but a consortium blockchain is fully decentralized.

Hybrid blockchain network is a versatile technology

However, despite the many developments of blockchain technology, public and private blockchains cannot fully solve all challenges and issues. Many organizations and companies need to simultaneously benefit from blockchain technology while maintaining the privacy of their data and critical business processes. For this reason, the hybrid blockchain network has stepped into the field as a complete solution tailored to the needs of companies with advantages such as transparency, security, and privacy.

Although the choice between different types of blockchains depends on the specific needs of each organization, hybrid blockchains appear to be a suitable option for cryptocurrency transactions, with a balance between controlled access and freedom, privacy, and cost-effectiveness of transactions.